Today, in accordance with the schedule that was initially established by the developers, the mainnet of Terra 2.0 (aka Phoenix-1) came to life and began producing blocks.
The relaunch of a new chain was confirmed by Do Kwon, Terraform Lab’s CEO and co-founder. This new chain has the intention of reviving the defunct TerraUSD (UST) and Terra (LUNA) ecosystem.
Kwon’s strategy for the revival of the LUNA and UST markets includes a hard fork of the current blockchain as well as reissuing tokens of LUNA to investors who are still in existence based on a momentary snapshot taken shortly prior to the fatal spiral that bled the UST and LUNA markets, which effectively resulted in losses that could not be recovered by investors.
Saturday Marked The Launch Of Terra 2.0
The mainnet of Terra 2.0, also known as Phoenix-1, went online on Saturday and began producing blocks, in accordance with the initial schedule that was established by the developers. Kwon also disclosed that explorers, wallets, and node services for the public will succeed the mainnet to become operational shortly after it went live.
Kown explained that users should now be able to view the balances of the newly issued LUNA tokens. This comes as a result of Kown’s implementation of the proposition from the initial proposal, which suggested issuing the fresh tokens of LUNA to investors who are willing. He specified that users will only have to log in and refresh their station page in order to take advantage of the new features.
Furthermore, those investors who want to or are currently in the process of migrating via the IBC (the inter-blockchain protocol for communication) will need to create station wallets. They must do so using the exact same ledger while also following instructions provided to them when they create their station wallets.
Additionally, Kown distributed a link to the official portal, which allows users to check the balances of their wallets. As was previously reported by Cointelegraph, a large number of cryptocurrency exchanges have participated in the relaunch by providing assistance with airdrops.